European stocks claw back some losses after sharp selloff

European stocks bounced back from two-month lows on Tuesday, with broad-based gains as bargain hunters lent support after a sharp selloff on worries about slowing economic growth. By 0717 GMT, the pan-European STOXX 600 index rose 0.9% after closing at its lowest level since early March on Monday.


Reuters | Updated: 10-05-2022 13:00 IST | Created: 10-05-2022 12:59 IST
European stocks claw back some losses after sharp selloff
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European stocks bounced back from two-month lows on Tuesday, with broad-based gains as bargain hunters lent support after a sharp selloff on worries about slowing economic growth.

By 0717 GMT, the pan-European STOXX 600 index rose 0.9% after closing at its lowest level since early March on Monday. Stocks across the globe have been hammered in May, with high-growth stocks bearing the brunt of the selloff, on worries that major central banks will hike interest rates aggressively to tame surging inflation. On Wall Street, the tech-heavy Nasdaq dropped more than 4% on Monday.

Most sectors, barring the defensive telecoms and healthcare, gained in Europe. Swedish Match AB shot up 25.0%, after U.S. tobacco company Philip Morris International Inc said it is in talks to buy the smaller rival.

French carmaker Renault Group rose 1.4%, as China's Geely Automobile Holdings agreed to acquire around 34% of Renault Korea Motors for 264 billion won ($206.79 million). ($1 = 1,276.6800 won)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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